ICAP MANAGEMENT SERVICES LIMITED
Company number: 02189561
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
29 January 2021
Approved by:
Robin Stewart
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 74%
- in 31 to 60 days: 16%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 26%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
30 Calendar Days from Date of Invoice
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
1,825 days
No further comment provided
Any other information about payment terms
Isolated contract's Payment Terms may Differ from standard terms above.
Review of T&C's by Category Managers in conjunction with Finance.
Dispute resolution process
Purchasing - If there is a dispute, this is reviewed by the Contract Owner (Business) and the Procurement Owner (Category Manager) to review agreed terms and update finance/supplier accordingly.
Accounts Payable(AP) - Within AP they have a dedicated mail box for dealing with all AP queries and are contactable by phone. Vendors are requested to contact the mailbox with invoice queries. If the team are not able to resolve the query this is escalated to AP Manager. The AP team in addition reach out to the business contact if it's not clear why the invoices has not been approved/paid. All invoices in query are processed at header level on the supplier account with comments/hold reasons.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No